Tidal Investments LLC Reduces Stock Position in Packaging Co. of America (NYSE:PKG)

Tidal Investments LLC lowered its holdings in shares of Packaging Co. of America (NYSE:PKG - Free Report) by 32.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,390 shares of the industrial products company's stock after selling 4,908 shares during the period. Tidal Investments LLC's holdings in Packaging Co. of America were worth $2,238,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PKG. Stifel Financial Corp raised its holdings in shares of Packaging Co. of America by 1,462.2% during the third quarter. Stifel Financial Corp now owns 573,073 shares of the industrial products company's stock valued at $123,440,000 after purchasing an additional 536,389 shares during the period. Millennium Management LLC grew its stake in shares of Packaging Co. of America by 34.3% in the 2nd quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company's stock valued at $187,596,000 after buying an additional 262,315 shares during the period. AQR Capital Management LLC increased its position in Packaging Co. of America by 164.3% in the 2nd quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company's stock valued at $73,272,000 after buying an additional 249,483 shares in the last quarter. International Assets Investment Management LLC increased its position in Packaging Co. of America by 41,151.7% in the 3rd quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company's stock valued at $33,499,000 after buying an additional 155,142 shares in the last quarter. Finally, Two Sigma Advisers LP raised its stake in Packaging Co. of America by 218.1% during the 3rd quarter. Two Sigma Advisers LP now owns 207,700 shares of the industrial products company's stock worth $44,739,000 after buying an additional 142,400 shares during the period. 89.78% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Truist Financial reissued a "buy" rating and issued a $252.00 price objective (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Citigroup boosted their price target on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a "neutral" rating in a research note on Wednesday, October 2nd. Wells Fargo & Company upped their price objective on shares of Packaging Co. of America from $235.00 to $253.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Finally, StockNews.com upgraded shares of Packaging Co. of America from a "hold" rating to a "buy" rating in a report on Saturday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Packaging Co. of America has an average rating of "Moderate Buy" and an average price target of $221.60.

Packaging Co. of America Stock Performance

Shares of NYSE PKG traded down $4.54 during midday trading on Tuesday, reaching $232.55. The company's stock had a trading volume of 568,333 shares, compared to its average volume of 603,054. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.95 and a quick ratio of 1.98. The stock has a market capitalization of $20.88 billion, a P/E ratio of 27.63, a PEG ratio of 3.34 and a beta of 0.77. The firm has a 50 day moving average price of $234.09 and a 200-day moving average price of $209.54. Packaging Co. of America has a 12-month low of $159.57 and a 12-month high of $250.82.

Packaging Co. of America (NYSE:PKG - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.50 by $0.15. Packaging Co. of America had a return on equity of 19.10% and a net margin of 9.46%. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the prior year, the company earned $2.05 EPS. The business's revenue for the quarter was up 14.9% on a year-over-year basis. As a group, equities analysts predict that Packaging Co. of America will post 9.07 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 20th will be given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.15%. The ex-dividend date is Friday, December 20th. Packaging Co. of America's dividend payout ratio is 58.28%.

Insider Buying and Selling at Packaging Co. of America

In other Packaging Co. of America news, Director Paul T. Stecko sold 10,500 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $244.91, for a total transaction of $2,571,555.00. Following the completion of the transaction, the director now directly owns 8,881 shares of the company's stock, valued at approximately $2,175,045.71. This represents a 54.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Donald R. Shirley sold 8,000 shares of the business's stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $240.20, for a total value of $1,921,600.00. Following the completion of the sale, the senior vice president now owns 15,725 shares in the company, valued at approximately $3,777,145. The trade was a 33.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,300 shares of company stock worth $8,064,152 over the last three months. 1.60% of the stock is currently owned by insiders.

Packaging Co. of America Profile

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.